Combining fleet insurance with fleet management leads to a reduction of hidden fleet costs by up to EUR 250 per vehicle per year. This was revealed by the LeasePlan MobilityMonitor, a large scale review of all client related processes carried out by ‘LeasePlan Insurance’ – LeasePlan’s in-house insurer, previously called Euro Insurances.21/09/2016
‘LeasePlan Insurance’ is the new name for LeasePlan’s in-house insurance company to reflect integrated service vision
Combining fleet insurance with fleet management leads to a reduction of hidden fleet costs by up to EUR 250 per vehicle per year. This was revealed by the LeasePlan MobilityMonitor, a large scale review of all client related processes carried out by ‘LeasePlan Insurance’ – LeasePlan’s in-house insurer, previously called Euro Insurances.
New name, trusted player
As the third-biggest cost component, motor insurance has a substantial impact on companies’ total fleet costs. Therefore, the world’s leading fleet management and driver mobility company LeasePlan fully embeds insurance into its fleet management services. To reflect this vision to its clients, LeasePlan has rebranded its in-house motor insurance company Euro Insurances as LeasePlan Insurance.
Lowering cost of fleet insurance requires an integrated approach
LeasePlan has over 50 years of experience in fleet management and driver mobility. “Lowering the cost of fleet insurance requires an integrated approach,” says Hessel Kaastra, Managing Director of LeasePlan Insurance. “In general, fleet managers are more exposed to this than their risk-oriented colleagues. The traditional focus is on the direct costs: premiums, fees and deductibles. But these are only the most visible of insurance costs. Second are the indirect costs that occur when accidents happen: lost cargo, missed appointments, reputational damage, etc. Third are the hidden costs: process inefficiencies arising from triangulating information between fleet management company and insurance company, lost time making calls and filling out forms and interacting with a body repair shop. An integrated fleet management and fleet insurance approach can reduce the hidden costs for insuring a fleet by up to EUR 250 per car per year."
For 48% of large multinational companies the global or local fleet manager is not involved in decisions regarding fleet insurance. Hessel Kaastra: “This is a missed opportunity. Fleet managers are very focused on fleet cost savings. It’s in the interest of the company to strive for integrated internal processes when it comes to fleet insurance.”
LeasePlan has taken the three cost factors for fleet insurance and designed a proposition called 3D Coverage that addresses each of these:
- Competitive Cover tackles the direct costs and is tailored to the needs and risk appetite of the client
- Active Prevention focuses on reducing accident frequency and hence lowers direct and indirect costs of accidents
- Easier Fleet Management reduces hidden costs by taking an integrated approach between fleet management and fleet insurance.